http://www.straitstimes.com/archive/...-2019-20141217

Developer 'may sell assets in 2018 or 2019'

Published on Dec 17, 2014 1:32 AM


CITY Developments (CDL) expects sentiment in the property market to improve in five years.

That is also when it will consider selling its collection of properties in Sentosa Cove, its chief executive Grant Kelley told The Straits Times. "We won't contemplate sales of the assets until 2018 or 2019... that's the optimum time to contemplate that."

He was commenting on the firm's plans for the W Singapore-Sentosa Cove hotel, Quayside Isle retail property, and the 228-unit condo, The Residences at W Singapore-Sentosa Cove.

The move comes amid a belief among market players that cooling measures will not be rolled back soon, and that measures to ensure financial prudence - such as the total debt servicing ratio - are here to stay.

Hiap Hoe, which was forced to buy back unsold units at its own projects last week, said: "We do not expect the prevailing cooling measures to be lifted any time soon."

Deputy Prime Minister Tharman Shanmugaratnam also noted in October that a "meaningful correction" in home prices has not been achieved, after a sharp run-up in recent years.

In the past year, private home prices have fallen 3.9 per cent.